Financial Results, Limited Review Report, Results Press Release, Result Presentation for December...

Aditya Birla Fashion and Retail Limited (ABFRL) reports results

for the quarter ended 31st Dec 2015

Mumbai, 12th

February 2016

Aditya Birla Fashion and Retail Limited (“ABFRL”) is India’s largest pure-play fashion company. ABFRL has been

formed by the consolidation of the branded apparel businesses of Aditya Birla Group comprising of Aditya Birla

Nuvo Limited's (“ABNL”) Madura Fashion division and ABNL's subsidiaries Pantaloons Fashion & Retail (“PFRL”)

and Madura Garments Lifestyle Retail Company through a Scheme of Arrangement.

The Scheme of Arrangement has been sanctioned by the Gujarat High Court at Ahmedabad and the Bombay High

Court and the consolidation has become effective from January 9, 2016. Post the consolidation, PFRL was

renamed ABFRL w.e.f. January 12, 2016 and new shares were issued pursuant to the de-merger. These were

listed and traded with effect from February 4, 2016.

(Rs. Crore) Quarter 3

Results

YTD Dec 2015

2014-15 (Previous

Year) Reported

2014-15 (Previous

Year) Proforma

2

2015-16 (Current

Year)

2014-15 (Previous

Year) Reported

2014-15 (Previous

Year) Proforma

2

2015-16 (Current

Year)

450 1,349 1,627 Revenue

1,390

4,047 4,618

31 133 107 EBITDA 58 383 350

- - 5 Merger related adjustments

1

- - 37

31 133 102 EBITDA (Reported) 58 383 313

(43) 11 12 Net Profit before merger related adjustments

1

(164) 31 43

(43) 11 7 Net Profit (Reported) (164) 31 6

Notes: (1) Adjustments include merger related cost of Rs. 5 Cr and a sum of Rs. 32 Cr towards elimination of profits on unsold inventory between the two divisions as on April 1, 2015 (2) Pursuant to the Scheme of Arrangement referred to above, PFRL was renamed ABFRL on Jan 12, 2016. Previous Year Reported figures represent figures for PFRL and are not comparable with current year. To make performance comparable, Proforma financials for the previous year comprising MF&L and Pantaloons financial performance have been presented.

The Board of Directors of ABFRL at their meeting today has approved the third quarter results of the Company,

which are indeed robust. ABFRL has reported an impressive growth of 21% in its revenue for the third quarter

ended 31st December 2015, in an extremely competitive environment which witnessed a steep increase in

discounting and promotion across channels. The company increased its advertising spends by 58% during the

quarter, in line with its strategy to further strengthen its brands. Increased promotional and advertising spends have

resulted in an EBITDA of Rs. 107 Cr for the quarter, which is 19.5% lower than the previous year.

Madura Fashion & Lifestyle

MF&L recorded a 16% Revenue Growth in Q3 across all channels, with same-store-growth of 5% in its exclusive

brand outlets. The division increased its advertising spends by ~64% during the quarter (on YOY basis).

Incremental provision for bonus (with retrospective impact for FY14-15) further impacted the profitability for the

period resulting in an EBITDA of Rs. 66 Cr, which is 36% lower than previous year.

14% 21%

9% 39%

Aditya Birla Fashion and Retail Limited: Press Release for the quarter ended 31st

December 2015 Page 2/2

Aditya Birla Fashion and Retail Limited (ABFRL) reports results

for the quarter ended 31st Dec 2015

Pantaloons

Pantaloons experienced one of its best quarters with revenue growth of 32% and same-store-growth of 19%

across its network. This was aided by the spill-over of festive season from Q2 and early onset of End-Of-Season-

Sale (EOSS) in Q3. The Division also opened 15 new stores in this quarter including its first ever franchisee store.

EBITDA for the quarter grew by 17% to Rs. 36 Crores despite the incremental impact of provision for bonus (with

retrospective impact for FY14-15).

Going Forward

The company will continue to leverage its market leadership through continued investments in brands, expansion

of its distribution reach across multiple formats and channels and product enrichment through design and

innovation. The company has also initiated a wide scale digital transformation through a comprehensive omni-

channel program to create a seamless consumer experience across its physical and digital presence in-line with

the evolving consumer who is increasingly buying on-line.

For more information contact: Dr. Pragnya Ram, Group Executive President, Corporate Communications & CSR,

Aditya Birla Group, at +91-22-2499-5000 or [email protected] Disclaimer : Certain statements in this “Press Release” may not be based on historical information or facts and may be “forward looking statements” within the meaning of applicable securities laws and regulations, including, but not limited to, those relating to general business plans & strategy of the Company, its future outlook & growth prospects, future developments in

its businesses, its competitive & regulatory environment and management's current views & assumptions which may not remain constant due to risks and uncertainties. Actual results could differ materially from those expressed or implied. The Company assumes no responsibility to publicly amend, modify or revise any statement, on the basis of any subsequent development, information or events, or otherwise. This “Press Release” does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be

considered as a recommendation that any investor should subscribe for or purchase any of the Company’s shares. The financial figures in this “Press Release” have been rounded off to the nearest ` one Crore. The financial results are consolidated financials unless otherwise specified.

Aditya Birla Fashion & Retail Limited

Corporate Identity Number L18101MH2007PLC233901

Regd. & Corporate Office: 701-704, 7th Floor, Skyline Icon Business Park, 86-92, Off A.K. Road, Marol Village, Andheri (East), Mumbai-59

Website : www.abfrl.com Email: [email protected]

mailto:[email protected]

http://www.abfrl.com/


Logo re-ordering

Globally

• Among top 2 producer of Viscose staple

fiber

• Number 1 in Carbon Black

• Largest Aluminum rolling company

• 4th largest producer of Insulators & Acrylic

fiber

• Amongst the top Cement manufacturers

In India

• Number 1 Lifestyle and Apparel Player

• Largest player in viscose filament yarn

• Largest in the chlor-alkali sector

• Among Top 2 Supermarket Chains

• Among Top 3 Mobile Telecom Players

• Leading Player in Life Insurance ,NBFC and

Asset Management

• Amongst the best energy efficient fertilizer

plant

Leading Conglomerate Indian Listed Entities

At a Glance | Global & Indian Highlights

473 621 830 1,026 1,116 1,251 1,811 2,243 2,523

3,226 3,735

1,285

1,661 1,851

3,802

4,759

5,450

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

MF&L Pantaloons

Reve

nu

e (

INR

cr)

Grew 12x in 10 years

ABG’s journey in Apparel

1999 – 2006 Entry Phase

2007-2013 Expansion and Growth Phase

2015 and Beyond Transformation Phase

1999 2006

2007

2004

2013

2015

Acquisition of Madura Garments and transition to

retail business through rapid

expansion

Launch of “The Collective” super-premium retail space and “People” clothing line

in Value segment

Acquisition of Pantaloons Fashion and Retail

JV with Hackett

Consolidation of apparel business under one

umbrella

7

7

ADITYA BIRLA FASHION AND RETAIL LIMITED

8

8

Milestones : Merger of Pantaloons and MF&L

Sr. No. Activities Status

1 Board Meeting for approval of the Composite Scheme May 3, 2015

2 Receipt of Stock Exchange “No-Observation” Letters June 26, 2015

3 Hon’ble Gujarat High Court approved the Scheme (ABNL & MGLRCL) Oct. 23, 2015

4 Hon’ble Bombay High Court approved the Scheme (ABFRL) Dec. 5, 2015

5 Receipt of SEBI & BSE approval Jan. 5, 2016

6 Board Meeting to declare scheme effective (w.e.f. Appointed Date i.e. April 1, 2015) Jan 9, 2016

7 RoC Filing(s) of Court Order, Name Change application Jan 9, 2016

8 Record Date fixed by ABNL and MGLRCL Jan 21, 2016

9 Allotment of Shares Jan 27, 2016

10 Listing & Trading of Shares Feb 4, 2016

9

9

Winning Combination of Brands & Retail

• Powerhouse of India’s leading fashion

brands: Louis Philippe, Van Heusen, Allen

Solly, Peter England

• Extensive reach through multi-channel

distribution network: 2,004 Retail stores &

7,000+ additional points of sale

• Established global supply chain

• Strong in-house design & product

development capabilities

• Track record of robust financial

performance

• One of India’s largest big-box fashion

retailer

• Unique business model: Design to Retail

• Strong portfolio of exclusive private brands:

~56% of Revenue

• Wide reach: 68 cities & 151 stores

• Rich portfolio spanning mens, womens

western, womens ethnic and kids

• One of the largest loyalty programs: ~ 4.7

Mn members

India’s #1 Menswear Player India’s #1 Womenswear Retailer

http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.glassdoor.com/Reviews/Madura-Fashion-Reviews-E526235.htm&ei=9r9DVf-vAsmxuAT8tIHwCg&bvm=bv.92189499,d.c2E&psig=AFQjCNEnawGcUgur11lqWLpu_JqfbuHPgg&ust=1430589778482196

10

10

ABFRL: Widest distribution network in the fashion space

Brands Store Network

As at Dec 31, 2015

MF&L: 1,842 EBOs + 162 Value Stores

Pantaloons: 123 stores + 28 Factory Outlets

4.8

5.4

Mar'15 Dec'15

Combined Footprint (million sq. ft.)

• MF&L brands are present in

~4000 Multi Brand Outlets

• MF&L brands present across all

Department Stores thru ~3000

SISs

• Pantaloons and MF&L brands are

sold on all the leading websites in

India

• In-house e-commerce website –

TrendIn.Com

Large Format Stores

E-Commerce

MBOs

11

11

ABFRL OVERVIEW

OUR YTD(9M FY16) REVENUES ARE

INR 4,618 cr

NO. 1 PURE-PLAY FASHION

LIFESTYLE COMPANY

WE OPERATE IN OVER

375 CITIES & TOWNS

5.4 mn sq ft LARGEST BRAND FOOTPRINT IN INDIA

5

STYLING

2 CONSUMERS

EVERY SECOND

7,000+ POINTS OF SALE

2,100+ EXCLUSIVE BRAND OUTLETS

LEADING BRANDS OF INDIA

12

12

Board of Directors

Pranab Barua - Managing Director Sushil Agarwal - Non-Executive Director Bharat Patel - Independent Director

Arun Thiagarajan - Independent Director Sukanya Kripalu - Independent Director

13

13

Key Management Personnel

Pranab Barua

Business Director,

Apparel & Retail

Business

• Pranab, a 40+ year veteran in the consumer and retail industry, is business director for Apparels & Retail businesses of the Aditya Birla Group (ABG)

• Before being associated with ABG, he was the CEO of Trinethra Super Retail which was acquired by the ABG in 2007.

• He has previously worked in senior positions with Brooke Bond India, as Foods Director on the Hindustan Unilever Board, as Chairman and Managing Director of

Reckitt Benckiser and as Regional Director, Reckitt Benckiser for South Asia

• He holds a graduate degree in B.A. (English Honours) from St. Stephens College, New Delhi

Ashish Dikshit

Business Head,

Madura Fashion &

Lifestyle division

• Ashish has been with the Aditya Birla Group for over 15 years having joined MF&L from Asian Paints in 1998

• He has worked across several functions in the business and has headed its supply chain, marketing and sourcing functions over this period. He has also worked

as Principal Executive Assistant to the Chairman of ABG for more than 3 years

• He is an Electronics and Electrical Engineer from IIT-Madras and holds a Postgraduate Diploma in Management from IIM-Bangalore

Shital Mehta

CEO, Pantaloons

division

• Shital has been with Aditya Birla Group for about 16 years with the Apparel Business. Previously, he served as the Chief Operating Officer of the International

Brands and Retail, Mf&L Fashions and Lifestyle

• Prior to that worked as brand manager for Godrej Foods (1996-2000)

• He is an MBA in marketing from SP Jain Institute of Management and Research and has attended advanced management programs at Wharton Business School

S Visvanathan

CFO, Apparel & Retail

Business

• S. Visvanathan joined the Aditya Birla Group in 2007 and has been with the Apparel business since then.

• He has 26 years of experience across industries spanning white goods, capital equipment, electrical equipment and auto components

• Previously he has worked with the Tata Group in various capacities in auto components business, Voltas and Allwyn (CFO)

• He is a commerce graduate from Chennai University and a qualified Chartered Accountant and Cost Accountant

14

14

15

15

Right Ingredients for Growth in Retail : Favorable Macro Economic & Demographic Factors

Source: World Factbook, CIA; IMF, GDP Growth Projections ; IMF, Mckinsey April 2010, Aranca Research ; CSO, D&B India

1%

3%

7%

2%

6%

17%

12%

25%

29%

35%

40%

32%

50%

26%

15%

2008

2020

2030

Deprived (<1985) Aspirers (1985-4413) Seekers (4413-11032)

Strivers (11032-22065) Globals (>22065)

The world’s youngest nation,

54% below the age of 25 years

...And Changing Economic fortune by segment...

%, mn households

With rapidly growing prosperity

across all strata of society

16

16

Indian Apparel Market – Large and Growing Rapidly Driven by organized retail growth of ~18% over next 5 years

Organized Retail (US$bn) Apparel - Largest share in Organized Retail

15

40

93

FY09 FY14 FY19E

CAGR ~ 18%

ABFRL well poised to exploit the growth opportunity

Food & Grocery

18%

Apparel

27%

Consumer Durables, IT

16%

Home Products

3%

Jewellery, Watches, etc.

28%

Pharmacy

2%

Footwear

5% Others

1%

Sales

Source: EY, CRISIL, Euromonitor, IMF, Technopak

17

17

Key trends driving industry growth

1 Value fashion – increasing middle class, shift away from unorganized, greater aware-ness of the shopping experience leading to a creation of large value fashion market (growing at 15%+)

2

Increasing share of women wear– with changing cultural norms, more women working and large number of younger women in cities, organised market is shifting away from being a predominant menswear market

3 Supply led demand growth- growth of branded apparel market is led by increased supply including entry of many International players across multiple segments

4

E-commerce - Deep investments by the e-commerce industry is creating rapid growth and adoption of this channel. This has significantly increased the consumer reach for the industry and leading brands. In addition to partnering with these players, brands are also establishing their own play in this space.

18

18

19

19

Executive Summary - Q3 FY16

• Revenue grew by an impressive 21%, with Pantaloons division growing by 32% and MF&L Brands by 16%

• In line with its strategic focus on brands, advertising investments were increased by 58% for the quarter

• EBITDA at Rs. 102 Cr (against Rs. 133 Cr in previous year) was impacted by

• Increased promotional and advertising spends

• Exceptional adjustments (merger related costs and incremental impact of provision for bonus*)

* As per the recent amendments to minimum bonus under the Payment of Bonus Act

• Overall consumer sentiments continue to remain subdued for discretionary and lifestyle categories

• However, industry recorded impressive growth due to shift in festive season from Q2 and early onset of End-Of-Season-

Sale (EOSS) in Q3

• The period was marked by intense competitive activities in forms of heavy promotions and deep discounts, led by e-

commerce players

Market Overview

ABFRL Performance Highlights

20

20

ABFRL - Financial Performance Indicators

EBOs / Stores

1,349 1,627

FY15 FY16

21%

Quarter 3 Revenue (Rs. Crore)

14%

4,047 4,618

FY15 FY16

YTD Dec’15 Revenue (Rs. Crore)

133 102

FY15 FY16

23%

Quarter 3 EBITDA (Rs. Crore)

383 313

FY15 FY16

18%

YTD Dec’15 EBITDA (Rs. Crore)

65%

35% MF&L

Pantaloons

Revenue Mix YTD Dec’15

Brand Stores Network

1,129 1,367

1,648 1,869

2,155

Mar'12 Mar'13 Mar'14 Mar'15 Dec'15

*

Carpet Area (Million Sq. Ft.)

1.6

3.6 4.2

4.8 5.4

* Includes 162 value stores of MF&L division which are not

included in the count upto Mar’15

MADURA FASHION & LIFESTYLE

FASHION RETAIL STORES LOOK-AND-FEEL

24

24

Madura Fashion & Lifestyle Brands

Luxury

Super

Premium

Sub

Premium

Premium

Fast

Fashion

Mass

Madura Fashion & Lifestyle Revenue & Margins

Q3 L2L Growth %

913

1,062

FY15 FY16

16%


2,751

3,064

FY15 FY16

11%

YTD Dec’15 Revenue (Rs.Crore)

102

65

FY15 FY16

36%

Quarter 3 EBITDA ( Rs. Crore)

325 270

FY15 FY16

17%

YTD Dec’15 EBITDA (Rs.Crore)

YTD Dec’15 L2L

Growth %

Loyalty base (in lakhs)

65.0 83.6 80.0 83.6

Dec'14 Dec'15 Sep'15 Dec'15

1.8%

4.6%

FY15 FY16

2.5% 2.5%

FY15 FY16

PANTALOONS

29

29

Pantaloons Indicators

450 593

FY15 FY16

32%


1,390

1,630

FY15 FY16

17%

YTD Dec’15 Revenue (Rs.Crore)

31

36

FY15 FY16

17%

Quarter 3 EBITDA ( Rs. Crore)

58 70

FY15 FY16

21%

YTD Dec’15 EBITDA (Rs.Crore) Loyalty base(in lakhs)

44.7

47.1

45.0

47.1

Dec'14 Dec'15 Sep'15 Dec'15

1.2%

18.7%

FY15 FY16

5.8%

6.9%

FY15 FY16

Q3 L2L Growth % YTD Dec’15 L2L

Growth %

31

31

Revenue Deep Dive – Q3

MF&L Channel Growth Pantaloons Category & Regional Mix

185 108

464

156 216

150

514

182

MBOs LFS EBOs Others

Revenue Q3FY15 Revenue Q3FY16

16%

Growth(%)

Trade 20%

LFS 12%

EBOs 51%

Others 17%

Channel Mix (Q3FY15)

Men 35%

Women 42%

Kids 10%

Non Apps 13%

Category Mix (Q3FY15)

39%

11%

16%

Trade 20%

LFS 14%

EBOs 49%

Others 17%

Channel Mix (Q3FY16)

Men 37%

Women 42%

Kids 11%

Non Apps 10%

Category Mix (Q3FY16)

0%

20%

40%

60%

80%

100%

120%

Q3FY15 Q3FY16

28% 30%

32% 28%

24% 26%

16% 16%

East

West

North

South

Regional Mix

Exclusive brands contribute to 56% of the revenue

32

32

Profit & Loss Statement

• Higher investments in Advertising as part of focused strategy on

accelerated brand development

• Accelerated Depreciation – Rs. 7 cr for Q3 and Rs. 33 cr YTD

• Impact of:

• Elimination of profit on unsold stock b/w divisions – Rs. 32.3 cr

• Payments of Bonus Act* (incl. for previous year) – Rs. 15.9cr

• Expenses for consolidation – Rs. 5 cr * As per the recent amendments to minimum bonus under the Payment of Bonus Act

Particulars Quarter 3 YTD Dec

Proforma FY15 FY16 CHANGE Proforma FY15 FY16 CHANGE

Net Sales / Income from Operations 1,337 1,617 4,010 4,587

Other Operating Income 12 10 37 31

Total Income from Operations 1,349 1,627 21% 4,047 4,618 14%

Expenses

Cost of Goods Sold 584 730 1,777 2,106

Employee Benefits Expense 137 167 396 465

Rent 162 183 471 516

Other Expenses 334 449 1,026 1,228

Total Expenses 1,217 1,528 26% 3,670 4,314 18%

Other Income 1 3 6 9

Profit before Depreciation/Amortisation, Interest and

Tax (PBDIT) 133 102 -23% 383 313 -18%

Depreciation and Amortisation Expenses 64 55 190 176

Finance Cost 58 40 162 131

(Loss) / Profit before Tax 11 7 -38% 31 6 -82%

Tax Expenses - - - -

Net (Loss) / Profit for the period 11 7 -38% 31 6 -82%

33

33

Balance Sheet Information

• MF&L incurred Capex of ~Rs. 17 Cr. during Q3FY16

• Pantaloons incurred Capex of ~Rs. 42 Cr. during Q3FY16

Particulars 1-Apr-15 31-Dec-15

Net Worth 1,047 1,053

Debt 1,802 1,708

Capital Employed 2,849 2,761

Net Block (Incl. CWIP) 709 667

Goodwill 1,775 1,775

Net Working Capital 340 274

Cash & Bank Balance 26 46

Capital Employed 2,849 2,761

34

34

Share-holding Pattern

Promoter Group 59%

Mutual Fund 8%

Foreign Portfolio Investor 14%

Financial Institutions / Banks

4%

Bodies Corporate 4%

Others 11%

As on 5th Feb,2016

Promoter Group Non-Promoter Shareholding> 1%

Name Holding %

IGH Holdings Private Ltd 11.1%

TGS Investment And Trade Private Ltd 9.1%

Aditya Birla Nuvo Ltd & its subsidiaries 9.1%

Umang Commercial Company Ltd 8.5%

Trapti Trading And Investments Pvt Ltd 6.4%

Hindalco Industries Ltd 5.9%

Others 9.5%

Name Holding %

India Opportunities Growth Fund Ltd -

Pinewood Strategy 1.6%

Hsbc Global Investment Funds A/C Hsbc

Gif Mauritius Limited 1.2%

Franklin Templeton Investment Funds 1.0%

Life Insurance Corporation Of India 4.1%

35

35

ABFRL Well Positioned for Future

Strong Fundamentals Short to Medium Term Focus

Portfolio of

Strong

Brands

1

Maintain & Consolidate Leadership position as India’s Leading

Apparel Business

Building a sustainable & future-ready business

Capability to

exploit the

distribution

opportunity

Well

positioned

for

Omni

Channel

play

Large

white

spaces

available

Strong

experienced

Talent

2 3 4 5

•Continued investment behind brands and innovation

•Aggressive roll-out of consumer centricity programs

Brands

•Leveraging brand strength and drive penetration in Tier 2 - 3 towns

•Accelerating online presence

Distribution Expansion

•Entering under-penetrated segments

•Pursuing inorganic and organic growth opportunities

Build businesses in fast growing segments

•Complete omni channel roll-out across the network in next 12-15

months

Digital Transformation

36

36

Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements” including, but not limited to, those relating to general business plans & strategy of Aditya

Birla Fashion and Retail Limited (“ABFRL"), its future outlook & growth prospects, future developments in its businesses, its competitive & regulatory environment and management's current views & assumptions which may not

remain constant due to risks and uncertainties. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in ABFRL's business, its competitive

environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in the countries in which ABFRL conducts business. Important factors

that could make a difference to ABFRL’s operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in ABFRL’s principal markets, changes

in Government regulations, tax regimes, competitors actions, economic developments within India and the countries within which ABFRL conducts business and other factors such as litigation and labour negotiations.

This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation that any investor should subscribe for or purchase

any of ABFRL's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or

on behalf of ABFRL.

ABFRL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions

contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. ABFRL assumes no responsibility to publicly amend, modify or revise any forward

looking statements on the basis of any subsequent developments, information or events or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates.

The information contained herein is subject to change without notice and past performance is not indicative of future results. ABFRL may alter, modify or otherwise change in any manner the content of this presentation, without

obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner.

INFORMATION PRESENTED HERE IS NOT AN OFFER FOR SALE OF ANY EQUITY SHARES OR ANY OTHER SECURITY OF ABFRL

This presentation is not for publication or distribution, directly or indirectly, in or into the United States, Canada or Japan. These materials are not an offer of securities for sale in or into the United States, Canada or Japan.

Aditya Birla Fashion and Retail Limited. Corporate Identity Number L18101MH2007PLC233901

Regd. & Corporate Office: 701-704, 7th Floor, Skyline Icon Business Park, 86-92, Off A.K. Road, Marol Village, Andheri (East), Mumbai-59

Website : www.abfrl.com Email: [email protected]

Disclaimer

http://www.pantaloons.com/


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